The global material handling equipment tire market is anticipated to grow at a significant CAGR 5% during the forecast period (2022-2028). The rising infrastructure developments are one of the major factors driving the growth of the global equipment material handling tire market. According to the data published by India Brand Equity Foundation (IBED) in 2021, India is anticipated to spend $1.4 trillion on infrastructure projects through the national infrastructure pipeline (NIP), from 2019 to2023, to ensure sustainable development in the country. Further, in the Union Budget 2021, Government allocated 8.28 billion for road works and $7.88 billion for national highways. The government is anticipated to construct 850kms road by March 2022. Moreover, an additional 11,000 km of National Highways is anticipated to be completed by March 2022. In May 2021, the Minister of Road Transport and Micro, Small and Medium enterprises stated that the government is ensuring utmost priority to infrastructure development and has set a target of road construction worth $206 billion in the next two years.
Further, the growing cargo traffic in the port industry is one of the factors driving the growth of the market. The government of India had allowed Foreign Direct Investment (FDI) of up to 100% under the automatic route for port and harbor construction and maintenance projects. India’s key ports possessed a capacity of 1534.9 million tonnes per annum (MTPA) in 2020, whereas, in 2021, key ports in India handled 672.60 million tonnes (MT) of cargo traffic. Between April 2021 and August 2021, cargo handled by India’s 2 state-owned major ports accounted for an increase of 19.54% from 245.289 MT to 293.22 MT. Further, in FY22 (until October 2021), cargo traffic handled by India’s 12 state-owned major ports reached 406.98 MT, a 14.59% increase over the same period last year. Thus, such huge investments coupled with infrastructural developments are anticipated to fuel the demand for material handling equipment tire market.
Looking toward the demand for the material handling equipment tire, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in September 2020, Trelleborg AB launched the Next-Generation PS1000 tire for material handling equipment. The PS1000 boasts two layers of compounds in its internal construction. These compounds enhance comfort and reduce heat build-up for the maximum time while ensuring long tire life. Thus, such launches are anticipated to drive the growth of the global material handling equipment tire market during the forecast period.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Continental Tire the Americas, LLC., Trelleborg AB, and Hankook Tire & Technology Co., Ltd., among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Material Handling Equipment Tire Market is available at: https://orionmarketreports.com/global-material-handling-equipment-tire-market/106313/
Global Material Handling Equipment Tire Market Report by Segment
By Type
- Pneumatic
- Solid
- Polyurethane
By Application
- OEM
- Aftermarket
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